BitMEX, the exchange that introduced 100x-leveraged perpetual swaps to the crypto derivatives market, has announced that it will permanently shut down on September 23. The platform has immediately stopped accepting new account registrations and given users two months to withdraw their assets.
Sale talks failed to produce a deal
The exchange’s operator, HDR Global Trading Limited, appointed Broadhaven Capital Partners in February 2025 to explore a potential sale. According to a statement released on Thursday, the board decided to close the platform following a strategic review of both the company and the broader crypto industry.
BitMEX did not explain why the sale process failed or disclose whether it had received any offers.
A pioneer of crypto derivatives
Arthur Hayes founded BitMEX in 2014 with the goal of making professional-grade crypto derivatives available to retail traders. The perpetual swap developed by the exchange has since become one of the most widely traded products in the crypto market, with similar versions now offered across thousands of platforms.
Legal troubles and presidential pardons
BitMEX pleaded guilty in 2024 to violating the Bank Secrecy Act. The exchange received an additional $100 million fine in January 2025 over shortcomings in its anti-money laundering program.
President Donald Trump pardoned Hayes and the exchange’s other co-founders in March 2025.
Two-month wind-down schedule
Users have two months to close their positions. Beginning at 07:00 TRT on August 26, BitMEX will introduce risk limits that prevent traders from opening new positions while allowing them to reduce existing ones.
Any positions still open when the platform shuts down will be forcibly closed by the exchange. BitMEX said it will not accept responsibility for losses resulting from users failing to close their positions before the deadline.
All staked BMEX tokens have already been unstaked and returned to user accounts.
Fees after the shutdown
KYC-verified users who fail to withdraw their funds before the shutdown will be charged a monthly fee. The fee will be either at least $50 or 1% of the account balance per year, whichever is higher.
BitMEX said the fee may increase over time with prior notice.
Withdrawals will remain available after the platform closes. Users will also be able to log in to view their balances and transaction histories.
BitMEX warned that Bitcoin block confirmations can sometimes take up to an hour. Withdrawal speeds may also be limited because the exchange uses a restricted pool of addresses.
The company also warned users about phishing attempts seeking to exploit the shutdown. It stressed that it does not offer any expedited withdrawal service.
Reserve claims
According to its proof-of-reserves and proof-of-liabilities page, BitMEX holds more assets than it owes to users. The exchange also said it has never lost customer funds in a hack since launching.
The company has provided no further details about the findings of its strategic review or whether it received any offers during the sale process that began last year.
